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CITY AND COUNTY OF SAN FRANCISCO HUMAN SERVICES AGENCY Foster Child ABEL Account Sponsorship Project

December 28, 2018

CITY AND COUNTY OF SAN FRANCISCOHUMAN SERVICES AGENCY Foster Child ABEL Account Sponsorship Project

(A)(1) Place the foster child on the childhood SSDI program most likely with the help  of a legal aid organization; Place SSDI and other funds into an ABEL account***

(A)(2) San Francisco legislation placing the foster child into the Mayors homeownership program without a lottery when the child ages out of foster care. The ABEL account is a Part of the Home Downpayment

(A)(3)The Foster parent and a Court Appointed conservator would ensure that the long-term portion of the ABEL account dedicated to homeownership is not violated.

(A)(4) We propose to partner with the San Francisco Housing authority to explore the possibility of a foster child aging out into using a family choice voucher to pay the mortgage, unfortunately, most foster children in public housing age out into homelessness (How?) Can we legislate a no waitlist housing voucher for this program in partnership with the mayors home ownership office?

(A)(5) This proposed program would incentivize home ownership for the foster parent! The foster parent who has a housing voucher for the foster family size. This program could be a recruiting tool for foster parenting.

***

https://www.treasurer.ca.gov/able/

 

Some math!

5000 X (US$ 400) x 12 =
24 million US$
5000 foster children X $400 per month gifted into an ABEL account sums to $24 million per year
So what does this represent per foster child?
let us look and see
screencapture-bankrate-calculators-retirement-investment-goal-calculator-aspx-2018-12-28-19_01_40

Could we use Prop C funds for some of these children?

$400 per month for 18 years does produce about $150,000 with housing authority partners and the city we could move aged-out foster children into home ownership!

 

 

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